Instead of trying to identify the perfect perk, shift your focus to bringing the company's culture and mission to life in an authentic way. (Photo: Shutterstock)
A recent poll from Gallup connected employee engagement to workplace benefits—and it's time for your team to get on board. To get started, there are three benefits that HR teams should address to improve company culture in the new year: perks, financial resources and well-being. Fortunately, “rethinking” these employee benefits don't always mean spending more, just thinking differently.
1. Accept that perks are superficial.
Examine the budget for those big, expensive holiday parties. How could that money be better distributed? The ROI on a holiday party is merely a short-term boost in engagement. Instead of trying to identify the perfect perk, shift your focus to bringing the company's culture and mission to life in an authentic way.
You can start by examining the collective values, norms and beliefs of the organization. This is the backdrop for everything that happens at your company and the day-to-day experience. Then ask yourself, do employees feel valued? Do we give honest feedback? Do leaders always “win” the conversation? Is the organization luxurious and elaborate, or frugal and modest? Is it fast-paced and risk-taking or methodical and calculated? Creating an intentional environment where employees feel cared for will deliver an exponentially higher impact than surface-level perks will.
2. Personalize your financial well-being resources.
Offering a 401(k) is great, but might feel overwhelming to an employee who's trying to find money for groceries. More employers are offering retirement benefits, but exclude other factors, like credit score monitoring, financial literacy and structured programs tailored for the individual.
Going with a personalized approach to finance works. For example, 94 percent of employees who used the Limeade financial well-being solutions improved their average financial well-being score. Nothing is more rewarding than seeing someone go from living paycheck to paycheck to purchasing his or her first home—all because the employer offered a personalized financial improvement program that guided him or her on a step-by-step journey.
3. Take a whole-person approach to well-being.
Employers spend thousands on gym memberships (and there's nothing wrong with that), but what about helping employees manage stress during the busy season, or providing work-life balance support when someone returns from maternity leave? Much like the comprehensive financial guidance programs, providing a suite of whole-person benefits can spark an internal drive. And the most important benefits are the human ones— managers who care, employee resource groups that connect and inspire, leaders who show up as real and authentic.
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